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Trading Conditions

  • Indices

    • InstrumentDescriptionLeverage *Minimum Trade size
    • GER30German Stock Index “DAX 30”1:200.1
    • UK100London Stock Exchange Index “FTSE 100″1:200.1
    • US30Dow Jones Index “Dow 30”1:200.1
    • NAS100American Index “NASDAQ 100″ 1:200.1
    • SPX500Standard & Poor’s 500 Index “S&P 500”1:200.1

    Margin requirements may be changed based on account size, simultaneous open positions, trading style, market conditions, and at the discretion of the Company

  • Commodities

    • InstrumentDescriptionLeverage*
      Minimum Trade Size
    • USOilUS Crude Oil1:100.1
    • UKOilUK Crude Oil1:100.1
    • NGASNatural Gas1:100.1

    Margin requirements may be changed based on account size, simultaneous open positions, trading style, market conditions, and at the discretion of the Company

  • Metals

    • InstrumentPip per min trade size (0.01 Lot) in(USD)*Leverage*Lot SizeMinimum Trade size
    • Gold1 Cent per point1:201000.01
    • Silver5 Cents per point1:1050000.01

    Margin requirements may be changed based on account size, simultaneous open positions, trading style, market conditions, and at the discretion of the Company

  • Swap rates

    • SymbolSwap Long (pips)Swap Short (pips)
    • AUDCAD.pri0.22-1.66
    • AUDCHF.pri0.15-1.42
    • AUDJPY.pri0.26-2.02
    • AUDNZD.pri-0.960.1
    • AUDUSD.pri0.22-1.22
    • CADCHF.pri0.06-0.68
    • CADJPY.pri0.07-0.8
    • CHFJPY.pri-0.1-0.1
    • EURAUD.pri-2.840.4
    • EURCAD.pri-1.020.11
    • EURCHF.pri-0.1-0.1
    • EURGBP.pri-0.320.03
    • EURHUF.pri-3.50.46
    • EURJPY.pri-0.1-0.1
    • EURNOK.pri-10.21.1
    • EURNZD.pri-4.240.58
    • EURUSD.pri-0.19-0.09
    • EURSEK.pri-1.20.02
    • EURPLN.pri-6.30.7
    • EURTRY.pri-19.82.07
    • GBPAUD.pri-3.040.4
    • GBPCAD.pri-0.90.05
    • GBPCHF.pri0.04-0.56
    • GBPNZD.pri0.5-2.8
    • GBPJPY.pri0.06-0.66
    • GBPUSD.pri0.03-0.46
    • NZDCAD.pri0.24-1.92
    • NZDJPY.pri0.34-2.5
    • NZDUSD.pri0.22-2.1
    • USDCAD.pri-0.840.06
    • USDCHF.pri0.04-0.18
    • USDHKD.pri-0.6-1.24
    • USDHUF.pri-2.620.3
    • USDINR.pri-6.5-0.3
    • USDJPY.pri-0.09-0.19
    • USDRUB.pri-0.30.05
    • USDPLN.pri-4.90.45
    • USDTRY.pri-8.21.0
    • USDSEK.pri-0.46-1.14
    • USDSGD.pri-2.04-0.03
    • USDCNH.pri-0.7-0.1
    • USDNOK.pri-4.50.7
    • USDZAR.pri-25.05.0
    • XAGUSD.pri-0.4-0.1
    • XAUUSD.pri-0.18-0.2
    • AUS200.pri1.5-7.5
    • GER30.pri-1.5-0.3
    • UK100.pri-1.30.3
    • US30.pri-2.5-0.3
    • HKG33.pri-3.9-0.4
    • JPN225.pri-0.2-0.1
    • USOil.pri-0.01-0.01
    • SPX500.pri-2.0-0.9
    • NAS100.pri-0.5-0.2
    • SUI30.pri-0.8-0.3
    • UKOil.pri-0.01-0.01
    • Bund.pri-0.2-0.4
    • FRA40.pri-0.6-0.3
    • USDOL.pri-0.40.01
    • NGAS.pri-0.1-0.1
  • Internet Trading Risks

    There are risks associated with utilizing an internet-based deal-execution trading system including, but not limited to, the failure of hardware, software, and internet connection. Since PriorFX does not control signal power, its reception or routing via the internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the internet.PriorFX employs backup systems and contingency plans to minimize the possibility of system failure, which includes allowing clients to trade via telephone.
  • STP Execution Model

    PriorFX provides forex execution via a straight through processing, or No Dealing Desk execution model. In this model PriorFX passes on to its clients the best prices that are provided by one of PriorFX’s liquidity providers (which include global banks, financial institutions, prime brokers and other market maker) with a fixed mark-up for each currency pair. In this model, PriorFX does not act as a market marker in any currency pairs. As such, PriorFX is reliant on these external providers for currency pricing. Although this model promotes efficiency and competition for market pricing, there are certain limitations to liquidity that can affect the final execution of your order.
  • Slipage

    PriorFX aims to provide clients with the best execution available and to get all orders filled at the requested rate. However, there are times when, due to an increase in volatility or volume, orders may be subject to slippage. Slippage most commonly occurs during fundamental news events or periods of limited liquidity. Instances such as trade rollover (5pm EST) is a known period in which the amount of liquidity tends to be limited as many liquidity providers settle transactions for that day. For more information on why rollover occurs, see the section on ‘Rollover Costs’. During periods such as these, your order type, quantity demanded, and specific order instructions can have an impact on the overall execution you receive.The volatility in the market may create conditions where orders are difficult to execute. For instance, the price you receive in the execution of your order might be many pips away from the selected or quoted price due to market movement. In this scenario, the trader is looking to execute at a certain price but in a split second, for example, the market may have moved significantly away from that price. The trader’s order would then be filled at the next available price for that specific order. Similarly, given PriorFX’s No Dealing Desk model for forex execution, sufficient liquidity must exist to execute all trades at any price.
  • Liquidity

    During the first few hours after the open, the market tends to be thinner than usual until the Tokyo and London market sessions begin. These thinner markets may result in wider spreads, as there are fewer buyers and sellers. This is largely due to the fact that for the first few hours after the open, it is still the weekend in most of the world. Liquidity may also be impacted around trade rollover (5PM EST) as many of our multiple liquidity providers momentarily come offline to settle the day’s transactions which may also result in wider spreads around that time due to a lack of liquidity. In illiquid markets, traders may find it difficult to enter or exit positions at their requested price, experience delays in execution, and receive a price at execution that is a significant number of pips away from your requested rate.In addition to the order type, a trader must consider the availability of a currency pair prior to making any trading decision. As in all financial markets, some instruments within that market will have greater depth of liquidity than others. Ample liquidity allows the trader to seamlessly enter or exit positions, near immediacy of execution, and minimal slippage during normal market conditions. However, certain currency pairs have more liquid markets than others.
  • Delays in Execution

    Delays in execution may occur using PriorFX’s No Dealing Desk execution model for various reasons, such as technical issues with the trader’s internet connection to PriorFX; a delay in order confirmation from a liquidity provider; or by a lack of available liquidity for the currency pair that the trader is attempting to trade. Due to inherent volatility in the markets, it is imperative that traders have a working and reliable internet connection. There are circumstances when the trader’s personal internet connection may not be maintaining a constant connection with the PriorFX servers due to a lack of signal strength from a wireless or dialup connection. A disturbance in the connection path can sometimes interrupt the signal and disable the PriorFX Trading Platform, causing delays in the transmission of data between the trading station and the PriorFX server.
  • Widened Spreads

    There may be instances when spreads widen beyond the typical spread. Spreads are a function of liquidity and in periods of limited liquidity, at market open, or during rollover at 5:00 PM ET, spreads may widen in response to uncertainty in the direction of prices or to an uptick in market volatility, or lack of available liquidity. It is not uncommon to see spreads widen particularly around rollover. Trade rollover is typically a very quiet period in the market, since the business day in New York has just ended, and there are still a few hours before the new business day begins in Tokyo. Being cognizant of these patterns and taking them into consideration while trading with open orders or placing new trades around these times can improve your trading experience. This may occur during news events and spreads may widen substantially in order to compensate for the tremendous amount of volatility in the market. The widened spreads may only last a few seconds or as long as a few minutes. PriorFX strongly encourages traders to utilize caution when trading around news events and always be aware of their account equity, usable margin and market exposure.
  • Rollover Costs

    Rollover is the simultaneous closing and opening of a position at a particular point during the day in order to avoid the settlement and delivery of the purchased currency. This term also refers to the interest either charged or applied to a trader’s account for positions held “overnight,” meaning after 5 p.m. ET on PriorFX’s Platforms. The time at which positions are closed and reopened, and the rollover fee is debited or credited, is commonly referred to as Trade Rollover (TRO). It is important to note that rollover charges will be higher than rollover accruals. Spreads during rollover may be wider when compared to other time periods because of liquidity providers’ momentarily coming offline to settle the day’s transactions. Please manage positions accordingly around rollover and understand the implications of spreads widening in regard to execution with existing/open positions or new positions/orders.
  • Gapping

    Sunday’s opening prices may or may not be the same as Friday’s closing prices. At times, the prices on the Sunday open are near where the prices were on the Friday close. At other times, there may be a significant difference between Friday’s close and Sunday’s open. The market may gap if there is a significant news announcement or an economic event changing how the market views the value of a currency. Traders holding positions or orders over the weekend should be fully comfortable with the potential of the market to gap.
  • Weekend Risk

    Traders who fear that the markets may be extremely volatile over the weekend, that gapping may occur, or that the potential for weekend risk is not appropriate for their trading style, may simply close out orders and positions ahead of the weekend. It is imperative that traders who hold open positions over the weekend understand that the potential exists for major economic events and news announcements to affect the value of your underlying positions. Given the volatility expressed in the markets it is not uncommon for prices to be a number of pips away at market open from market close. We encourage all traders to take this into consideration before making a trading decision.
  • Margin Calls and Close Outs

    Margin call shall mean an event when Margin Level falls below 200% that is not sufficient to continue trading and maintain the current open positions. Foreign Exchange and CFDs are margin products and the transactions related to them will be done on margin. This means that the Client must supply a specified initial margin (deposit), on an agreement, of the overall contract value.

    Margin Stop-out Level The sum of funds (i.e. equity) in the account (including the unrealised net profits of all open CFDs connected to the account) falls to 50% or less (in case of slippage) of the total Margin Level required to maintain open positions. In other words, the stop out level for all trading accounts held by Retail Clients is equal to 50% of the Margin Level required to maintain open positions. The Stop-out level is the level of your equity where our Trading Platform will start to automatically close trading positions, starting from the least profitable position and until the margin level requirement is met, in order to prevent further account losses into the negative territory. For all accounts held by Retails Clients, the Stop-out Level is 50% of the Margin required to maintain the open positions/transactions. The margin stop out and margin call process is entirely electronic and there is no discretion on the Company’s part as to the order in which trades are closed. It is strongly advised that Clients maintain the appropriate amount of margin in their accounts at all times. Margin requirements may be changed based on account size, simultaneous open positions, trading style, market conditions, and at the discretion of the Company. Please note that on our Trading Platform when a margin call is triggered on the account, trades will be closed one by one, from the least profitable, until “Free Margin” is greater than zero.
  • Mobile Trading Platforms

    There are a series of inherent risks associated with the use of the mobile trading technology such as the duplication of order instructions, latency in the prices provided, and other issues that are a result of mobile connectivity. Prices displayed on the mobile platform are solely an indication of the executable rates and may not reflect the actual executed price of the order.It is strongly recommended that clients familiarize themselves with the functionality of the PriorFX Mobile Trading Platform prior to managing a live account via portable device.
  • Expert Advisor

    Expert Advisor’s (EA) are automated trading tools that can perform all or part of a trading strategy. While PriorFX offers proprietary EAs, there are others developed by third parties. PriorFX does not vouch for the accuracy or reliability provided by the EAs not in its control. Traders utilizing an EA do so at their own risk. Prior to trading, please contact your EA provider to discuss the lot sizes used in the program and any potential issues that may arise from fractional pip pricing.

We Understand,

What Traders Want

Online forex trading should be easy, fast and convenient. Combining years of market intelligence and high speed processing under the umbrella of the world's preferred trading platform, Metatrader 4, PriorFX has established a new standard in forex trading. All with spreads from as low as 0.1 pips.